simultaneous search or any heterogeneity in preferences, production costs, or search technologies. A distribution of money holdings … price distribution, in turn, makes buyers indifferent across a range of money balances, rationalizing the non …-degenerate distribution of money holdings. We completely characterize the distribution of posted prices and money holdings in any equilibrium …

money holdings. Properties of equilibria are obtained analytically and equilibria are solved in closed form in a variety of … cases. Lump-sum transfers financed with money creation are welfare-enhancing when labor productivity is low whereas … preferences and the velocity of money under heterogeneous preference shocks. …